FirstMerit Corp fka FMER

[Matt_Chart]

Well this one is going to keep bouncing between the support and resistance levels, There are a few seperate resistance levels are moving in paralle to eachother. Once the final resistance line (red) and support line(blue) get really close this stock should breakout and move much higher. This is called a Triangle or Flag pattern.

The MACD cross has sent this past the first resistance line and lookes like it may be breaking the 2nd and 3rd resistance lines. Look for the first resistance line to become the new support line. We can see that with a bounce today off .75 it is now acting as a support. It may continue to move higher here. If it closes above the top resistance line somewhere in the low mid 80's it might run from here. If it closes below the resistance lines it still needs some more time and will move lower back to one of the support lines.